JLL Closes $76M Sale of Vestavia Hills City Center to Burton Property Group, Arranges $52M RGA Reinsurance Loan

ATLANTA — JLL Capital Markets announced July 13 that it has facilitated the $76 million sale of Vestavia Hills City Center, a 389,471-square-foot shopping center in Vestavia Hills, Alabama, to Burton Property Group, LLC, while also arranging $52 million in acquisition financing through RGA Reinsurance Company.

JLL represented the seller, KPR Centers, in the transaction and worked on behalf of the buyer to secure the seven-year, fixed-rate loan. The deal has been characterized as one of the largest retail acquisitions in the Southeast.

Asset Profile and Tenant Mix

Vestavia Hills City Center, located at 700 Montgomery Highway, comprises three development phases originally constructed between 1954 and 2003. KPR Centers completed substantial renovations to the property prior to the sale. The center is 94 percent occupied and is anchored by a Publix supermarket described in the announcement as one of the top-performing locations in the Southeast. Additional tenants include AMC Theatres, Planet Fitness, Shoe Station and Dollar Tree.

The property is divided into six separate tax parcels, a structure that JLL noted provides future disposition and monetization optionality for the new owner.

The center sits along Montgomery Highway, which carries 37,500 vehicles per day, approximately four miles from downtown Birmingham.

Value-Add Opportunity for Burton Property Group

Despite its high occupancy rate, Vestavia Hills City Center carries upside potential. The property has approximately 20,000 square feet of vacant space available for lease-up, and roughly 62,000 square feet of existing shop space is leasing below current market rates. JLL's announcement indicated those below-market leases represent more than $500,000 in potential additional annual revenue.

Burton Property Group is a Mobile, Alabama-based private regional commercial real estate investment, development and management firm. The company focuses on the acquisition, development and management of commercial real estate assets across the Southeast and is active in several commercial and industrial projects along the Gulf Coast. The firm described the Vestavia Hills acquisition as its first in the Birmingham market.

Financing Structure

RGA Reinsurance Company provided the $52 million acquisition loan on a seven-year, fixed-rate basis.

JLL Capital Markets' Investment and Sales Advisory team was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan, Director Andrew Kahn, Vice President Andrew Michols and Senior Analyst John Perry Hilton. Managing Director Gregg Shapiro and Director Hunter Goldberg arranged the financing.

Trade Area Demographics and Market Context

Vestavia Hills is among the most affluent communities in the Southeast. Average household incomes exceed $193,000 within one mile of the property, and 70 percent of residents within that radius hold bachelor's degrees or higher. More than 205 homes valued above $1 million have sold within a three-mile radius over the past 24 months, according to JLL's announcement.

The property draws from the broader Birmingham metropolitan area, Alabama's largest metro with a population of approximately 1.2 million. Birmingham serves as a regional hub for healthcare and education, anchored by the University of Alabama at Birmingham, which the announcement cited as generating $7.1 billion in annual economic impact. Forbes has recognized Birmingham as the most affordable metro area in the United States, and the city ranks among the top 10 housing markets for homebuyers.

For KPR Centers, the sale represents a disposition of a renovated asset following a repositioning effort. KPR Centers, founded in 2009 as an outgrowth of Katz Properties, which was established in 2003, operates a vertically integrated retail and industrial investment platform across 19 states.

About the Firms

JLL is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

KPR Centers pursues a strategy of acquiring retail and industrial properties in select markets and employs in-house leasing, management and development operations. The firm has completed transactions with public REITs, institutions, private equity groups and family offices.

Burton Property Group focuses on commercial real estate acquisition, development and management across the Southeast, with active projects along the Gulf Coast.

Sources: JLL Newsroom, July 13, 2026